Binance, the world’s largest crypto exchange, is reportedly trying to secure cryptocurrency services in Singapore again. The custodial arm of the exchange plans to apply for a permit in order to start providing crypto services in Singapore. Although Singapore has been fairly well disposed toward crypto in the past, the country had posed certain challenges for the exchange. Just a year ago, in February, the crypto exchange shuttered operations in Singapore.
Binance Asia Services, which happens to be the Singapore affiliate of Binance, had to suspend operations after withdrawing its local license application in December 2021. The reason stated by the crypto exchange was nothing more than “strategic, commercial, and developmental” issues. However, the custodial arm of the crypto exchange, now called Ceffu, after Binance decided to rename it from Binance’s Secure Asset Fund for Users (SAFU), shall be applying for the Capital Markets Service license with the Monetary Authority of Singapore (MAS).
The Binance exchange is looking to legally expand its global influence and this goal is currently being threatened in countries like the United States. With the exchange known for being on the radar of big media platforms, damning investigations into its financials are always making the rounds.
In one of the latest from Forbes, the media outfit said there is some funds movement within Binance that mimics related cash management exhibited by FTX prior to its bankruptcy. While the exchange has debunked these allegations with evidence to back its claims, it has not been able to wade off investigations into Binance.US, its subsidiary in the country.
These and other investigations have led to the withdrawal of support for the exchange’s bid to acquire the remaining assets of bankrupt crypto lender Voyager Digital. With the growing uncertainty about its business in America, pursuing licensing in Singapore may come off as a smart move with huge benefits in the long term. The Binance exchange is looking to legally expand its global influence and this goal is currently being threatened in countries like the United States. With the exchange known for being on the radar of big media platforms, damning investigations into its financials are always making the rounds.
Late last year U.S. crypto exchange Coinbase, Crypto.com and DBS Vickers – brokerage run by Singapore’s largest bank DBS – received similar approval from the central bank to offer payment services in the country. Binance has earlier faced challenges in Singapore. Its affiliate Binance Asia Services withdrew a local license application in December 2021 without giving a reason beyond “strategic, commercial and developmental” considerations